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Side-by-side financial comparison of NATIONAL RESEARCH CORP (NRC) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
NATIONAL RESEARCH CORP is the larger business by last-quarter revenue ($35.2M vs $26.9M, roughly 1.3× WEST BANCORPORATION INC). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs 5.1%, a 34.1% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs -4.6%). WEST BANCORPORATION INC produced more free cash flow last quarter ($12.4M vs $6.1M). Over the past eight quarters, WEST BANCORPORATION INC's revenue compounded faster (17.3% CAGR vs -0.2%).
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
NRC vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $26.9M |
| Net Profit | $1.8M | $10.6M |
| Gross Margin | — | — |
| Operating Margin | 13.3% | 50.0% |
| Net Margin | 5.1% | 39.2% |
| Revenue YoY | -4.6% | 16.6% |
| Net Profit YoY | -72.6% | 34.8% |
| EPS (diluted) | $49.58 | $0.61 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $26.9M | ||
| Q4 25 | $35.2M | $24.2M | ||
| Q3 25 | $34.6M | $25.0M | ||
| Q2 25 | $34.0M | $23.8M | ||
| Q1 25 | $33.6M | $23.1M | ||
| Q4 24 | $36.9M | $20.9M | ||
| Q3 24 | $35.8M | $20.3M | ||
| Q2 24 | $35.0M | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $1.8M | $7.4M | ||
| Q3 25 | $4.1M | $9.3M | ||
| Q2 25 | $-106.0K | $8.0M | ||
| Q1 25 | $5.8M | $7.8M | ||
| Q4 24 | $6.6M | $7.1M | ||
| Q3 24 | $5.7M | $6.0M | ||
| Q2 24 | $6.2M | $5.2M |
| Q1 26 | — | 50.0% | ||
| Q4 25 | 13.3% | 39.6% | ||
| Q3 25 | 22.4% | 45.8% | ||
| Q2 25 | 4.7% | 43.4% | ||
| Q1 25 | 25.6% | 43.4% | ||
| Q4 24 | 26.0% | 30.9% | ||
| Q3 24 | 22.3% | 36.6% | ||
| Q2 24 | 25.3% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | 5.1% | 30.7% | ||
| Q3 25 | 11.9% | 37.3% | ||
| Q2 25 | -0.3% | 33.5% | ||
| Q1 25 | 17.2% | 34.0% | ||
| Q4 24 | 17.8% | 34.0% | ||
| Q3 24 | 15.9% | 29.3% | ||
| Q2 24 | 17.6% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $49.58 | $0.44 | ||
| Q3 25 | $0.18 | $0.55 | ||
| Q2 25 | $-0.01 | $0.47 | ||
| Q1 25 | $0.25 | $0.46 | ||
| Q4 24 | $0.27 | $0.41 | ||
| Q3 24 | $0.24 | $0.35 | ||
| Q2 24 | $0.26 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.1M | $362.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.0M | $270.7M |
| Total Assets | $134.9M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $4.1M | $471.1M | ||
| Q3 25 | $2.2M | $232.9M | ||
| Q2 25 | $5.3M | $345.2M | ||
| Q1 25 | $2.5M | — | ||
| Q4 24 | $4.2M | $243.5M | ||
| Q3 24 | $3.5M | — | ||
| Q2 24 | $485.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $48.7M | — | ||
| Q2 24 | $33.3M | — |
| Q1 26 | — | $270.7M | ||
| Q4 25 | $14.0M | $266.0M | ||
| Q3 25 | $14.3M | $255.1M | ||
| Q2 25 | $21.3M | $240.9M | ||
| Q1 25 | $29.7M | $237.9M | ||
| Q4 24 | $31.3M | $227.9M | ||
| Q3 24 | $34.6M | $235.4M | ||
| Q2 24 | $40.2M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $134.9M | $4.1B | ||
| Q3 25 | $135.7M | $4.0B | ||
| Q2 25 | $141.4M | $4.1B | ||
| Q1 25 | $135.2M | $4.0B | ||
| Q4 24 | $132.5M | $4.0B | ||
| Q3 24 | $131.8M | $4.0B | ||
| Q2 24 | $119.1M | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 0.83× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.2M | $12.9M |
| Free Cash FlowOCF − Capex | $6.1M | $12.4M |
| FCF MarginFCF / Revenue | 17.2% | 46.0% |
| Capex IntensityCapex / Revenue | 3.2% | 1.8% |
| Cash ConversionOCF / Net Profit | 3.99× | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $15.7M | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $7.2M | $46.5M | ||
| Q3 25 | $13.8M | $11.4M | ||
| Q2 25 | $-1.1M | $13.5M | ||
| Q1 25 | $6.6M | $9.7M | ||
| Q4 24 | $6.4M | $39.8M | ||
| Q3 24 | $9.4M | $12.9M | ||
| Q2 24 | $6.8M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | $6.1M | $43.2M | ||
| Q3 25 | $10.2M | $10.8M | ||
| Q2 25 | $-4.1M | $12.8M | ||
| Q1 25 | $3.7M | $8.3M | ||
| Q4 24 | $1.9M | $13.7M | ||
| Q3 24 | $7.8M | $7.0M | ||
| Q2 24 | $1.5M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | 17.2% | 178.3% | ||
| Q3 25 | 29.4% | 43.0% | ||
| Q2 25 | -12.2% | 53.6% | ||
| Q1 25 | 10.9% | 35.7% | ||
| Q4 24 | 5.2% | 65.6% | ||
| Q3 24 | 21.8% | 34.2% | ||
| Q2 24 | 4.3% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 3.2% | 13.7% | ||
| Q3 25 | 10.4% | 2.6% | ||
| Q2 25 | 8.8% | 3.2% | ||
| Q1 25 | 8.9% | 6.5% | ||
| Q4 24 | 12.0% | 125.3% | ||
| Q3 24 | 4.5% | 29.4% | ||
| Q2 24 | 15.0% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | 3.99× | 6.26× | ||
| Q3 25 | 3.34× | 1.23× | ||
| Q2 25 | — | 1.70× | ||
| Q1 25 | 1.15× | 1.24× | ||
| Q4 24 | 0.97× | 5.61× | ||
| Q3 24 | 1.66× | 2.17× | ||
| Q2 24 | 1.10× | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
